A desk
Afronomics Companies Desk
3 Receipts · 12 calls on the record
Companies DeskReceipt
Dangote's refinery IPO: Kenyans are offered a slice of Africa's biggest plant, through an expensive wrapper
Our verdict · Opinion
A real refinery that finally makes money, priced on its best half-year and sold to Kenyans through a costly wrapper.
Dangote's refinery is selling 3.3% of itself for about US$1.6 billion, and Kenyans can buy in through receipts on the NSE. Unlike Quickmart, the money goes to the company. The price leans on one very good half-year.
Companies DeskReceipt
Kenya Airways' bailout bill: KES 122bn of state loans to become shares, and US$350m more on the way
Our verdict · Opinion
In our view the state is no longer just Kenya Airways' biggest shareholder but its lender of last resort: it has taken over the airline's guaranteed aircraft loan, has approved US$350 million more and plans to turn KES 122 billion of loans into shares, before KQ has shown it can follow its 2024 profit with another.
On 9 October 2026 Kenya Airways said the government had approved a US$350 million loan, about KES 45.15 billion, and in principle the conversion of about KES 122 billion of existing government loans into an equity-type instrument. At the end of 2025 the airline's liabilities exceeded its assets by KES 132.1 billion. Treasury reports show taxpayers also servicing the airline's US-guaranteed aircraft loan.
Companies DeskReceipt
Quickmart's IPO: KES 15 billion changes hands, and Quickmart gets none of it
Our verdict · Opinion
A real, profitable business, sold at a full price, on the sellers' terms.
Quickmart's owners are selling half the chain for KES 15 billion. The company raises nothing. The shop is good; the deal is built for the people leaving it.